As a business owner or company executive, you want your business or company to succeed. There are accounting “best practices” you’re told to follow while growing your company. If you simply follow these “best practices,” then you’re sure to succeed, right? Wrong!
While “best practices” are a great way to get your feet under you as an owner or executive, they are not the end all be all of business financials.
After 15+ years of helping owners and executives with $200K – $75M+ in annual revenue, I’ve found that “best practices” are only the beginning to your financial success as a business.
Reports and statements are only the start to working on your business instead of in it. You’re on the hook for much more than “reading financial statements.” You have to make decisions that affect more than your bottom line. They affect your purpose, people, and profit.
That’s why cookie-cutter “best practices” will ruin your business; they will only get you so far before you plateau and then eventually start to sink your business. Instead, you need your accounting department to give you more than reports and statements. You want your accounting department to give context to your financials. This context is what helps you make sound, successful business decisions on knowing exactly where your business stands right now.
Are Your Books Current? And Do You Have an Expert, Outsourced Accounting Department that Manages Every Aspect of Your Business?
Once you accept that accounting is more than “best practices,” it’s time to actually look at what you ought to do with your financials.
First, you want to bring your books current. Being behind on your financials holds you back from more than profit margin. Sure, you can grow your business on gut instinct and hope, but eventually, you may want to get capital to scale or expand, but the bank won’t give you a dime until you prove safe enough for the risk. This is one huge barrier to accelerated growth.
When Do You Get Reports and Statements?
Another barrier? You put your company, employees, customers, and self at risk if you don’t know exactly where your business stands financially. Without accurate reports and statements, you’re guessing at what’s the next best move for your business. This is more dangerous than gambling in Vegas!
It’s imperative you know exactly where your business stands financially – weekly, monthly, quarterly, or whenever you like. Result? Better financial decision-making and accelerated business growth.
How Are You Forecasting Your Company’s Success?
Do you haphazardly look at statements and reports once per month, using the numbers as a general guide on “money in” and “money out?” This is one of the most dangerous games to play with your money, business, employees, and customers. Why? Using inaccurate, even if off by a few percentage points makes a huge difference six, 12, 24 months down the road.
How you forecast or project your business into the future matters, not only for your company’s success but for your investors’ trust in you.
When you forecast the future, using accurate data to do so is imperative. Inaccurate forecasts can put you in the hot seat months or years down the road.
Don’t let inaccurate financials ruin your chance for success!
How Do I Outsource My Accounting for a Third of the Cost?
If you want to outsource your accounting and bookkeeping departments to a local expert, then let me get you caught up, manage your financial standing, reports, and forecast for a third of the cost!
I deliver spot-on, accurate reports weekly, monthly, quarterly, or whenever you like.
I reconcile and bring books current – the very first time, so you can work on growing your company instead of struggling inside of it!
I forecast your financial future so you can grow your company toward financial success.